- The Direct Housing Loan Facility is designed to support the Government’s Pabahay sa Bagong Siglo Program which aims to provide socialized and low-cost housing to overseas Filipino workers.
What are the eligible purposes of the loan?
- Construction of a new house or dwelling unit on a lot owned by the applicant free from lien/encumbrances;
- Purchase of a lot and construction thereon of a new house or dwelling unit;
- Purchase of an existing residential unit which may be a house and lot, a condominium unit or a townhouse; and
- Purchase of an existing residential unit foreclosed by SSS, GSIS, HDMF (Pag-Ibig), HGC and other GFIs.
Who may borrow under the loan program?
- A certified overseas Filipino worker;
- An active SSS member and has paid at least twelve (12) months continuous contributions or at least twenty-four (24) months total contributions;
- Not more than sixty-five (65) years old;
- Not previously granted a housing loan by SSS, refund of contributions, retirement or total permanent disability benefit; and
- Up-to-date in the payment of all SSS contributions and other loan amortizations.
One of the spouses may still qualify for another loan if the other obtained the loan, prior to date of marriage and is not delinquent.
Who is an OFW?
- Currently deployed with a contract processed through the POEA or authenticated by the Embassy abroad.
- Those with employment contracts which are awaiting renewal/deployment; however, release of loan shall be made upon renewal/ deployment.
- Citizens or immigrants of foreign countries but are interested in buying housing units for their families who are still in the country.
- Long-term resident overseas Filipinos who wish to avail of housing packages either for themselves when they retire or when they visit the Philippines and/or for their extended families.
How much is the loanable amount?
- The maximum loanable amount is P1,000,000.00 or whichever is the lowest of the amount applied for, the amount justified by the paying capacity, the loan value of the collaterals as determined by the SSS.
- Socialized Housing - P 300,000.00
- Low-Cost Housing - P 500,000.00
- P 1,000,000.00
A maximum of three (3) qualified SSS members may be tacked-in for a single loan up to the combined maximum individual availment for the loanable amount secured by the same collateral, provided they are related within the 1st civil degree of consanguinity or affinity.
What is the term of the loan?
The loan is payable in multiples of five (5) up to a maximum of thirty (30) years but not to exceed the economic life of the building and the difference between the age of the borrower and 70, whichever is shorter.
What is the interest rate of the loan?
- Up to P300,000.00 – 9% p.a. fixed for the term of the loan.
- Over P300,000.00 up to P500,000.00 – 13% p.a.
- Over P500,000.00 up to P1,000,000.00– 14% p.a.
What are the collaterals for the loan?
The loan shall be secured by a first Real Estate Mortgage on the house and lot to be financed. The REM shall be annotated on the member-buyer’s TCT and shall be registered with the appropriate Registry of Deeds. It shall also be covered by an HGC guaranty.
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